A cryptocurrency whale recently lost more than $4.5 million while trying to buy Ethereum (ETH) twice, according to digital asset tracker Lookonchain.
Look on chain note The whale lost $500,000 on its first attempt to buy a leading smart contract platform, and much more on its second attempt.
“This whale sold all 10,701 ETH ($33 million) on Binance two hours ago to pay off its debt, and again lost over $4 million!
He bought ETH by depositing ETH into Compound and borrowing USDT to buy more ETH.”
COMP is a decentralized lending platform.
Look on chain note Other whales are accumulating Ethereum. One person withdrew 10,000 ETH, worth $31.5 million, from Binance on Monday and staked them in Renzo, a liquid redeemable token from decentralized finance (DeFi) project Pendle (PENDLE) and EigenLayer. EigenLayer is a re-staking protocol built on ETH.
Other whales withdrew 5,282 ETH worth $48.2 million from cryptocurrency exchanges Binance and OKX on Monday.
At the time of writing, ETH is trading at $3,093. The second-largest cryptocurrency asset by market capitalization fell nearly 12% last week and more than 14% last month.
Ethereum is also down more than 36% from its all-time high of $.According to CoinGecko, it was set at 4,878 in November 2021.
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